Daily Silver Price Forecasts – Silver Is Under Pressure Despite A Weaker Dollar

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Money is losing ground at the start of the week

Silver is currently trying to move below support at $ 22.30 as the US Dollar is under pressure against a large basket of currencies.

The US dollar index has managed to settle below the support level at 94 and is testing the next support which stands at 93.75. If this test is successful, the US dollar index will head towards support at the 20 EMA at 93.40, which will be bullish for silver and gold prices today.

Meanwhile, gold faced strong resistance at the 20 EMA at $ 1765 and moved down to the nearest support level at $ 1750. If gold moves below this level, it will gain additional bearish momentum and head to the next support at $ 1,720 which will be bearish for silver.

The gold / silver ratio is currently trying to get back above the 78 level. If the gold / silver ratio manages to stabilize above this level, it will move towards the resistance at 78.70 which will be bearish for silver. .

Silver faced resistance near the 20 EMA at $ 22.85 and moved down to the support level at $ 22.30. If this attempt is successful, the silver will move to the next support at $ 22.10.

The RSI has returned to moderate territory after the recent rebound, so there is plenty of room to gain further bearish momentum in case the right catalysts emerge.

If the silver settles below the support at $ 22.10, it will test for the next support at $ 21.90. A move below this level will pave the way for testing the support at $ 21.65.

On the upside, the closest resistance level for silver is at $ 22.60. If the silver returns above that level, it will head to the 20 MOTHER at $ 22.85. A successful resistance test at 20 EMA will pave the way for the resistance test at $ 23.20. If silver does manage to settle above this level, it will move towards resistance at $ 23.50.

For an overview of all of today’s economic events, check out our economic calendar.


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